Where are the new naira notes?

May 2, 2023 Jerry Uwa 0

Nigeria’s economy is still writhing from the pains inflicted on it by the decision of the Central Bank of Nigeria (CBN) to redesign the naira. It will take several months for the economy to recover fully from the excruciating pains of the naira redesign scheme. The World Bank, International Monetary Fund (IMF) and even the United Nations have blamed the Read More

No plan to phase out redesigned naira notes – CBN

May 1, 2023 Benjamin Umuteme 0

The Central Bank of Nigeria (CBN) has described a report that it plans to phase-out the redesigned N1000, N500 and N200 naira notes as a ploy by vested interest to cause panic in the polity. In a statement by Ag. Director, Corporate Communications, Isa AbdulMumim, the Apex Bank insisted that it would continue to supply the redesigned notes for the Read More

CBN increases loans to FG by N3.77trn in two months

March 28, 2023 Segun Odunewu 0

Despite concerns from economists and experts regarding outstanding loans, the Central Bank of Nigeria (CBN) increased its loans to the government by N3.77 trillion during the first two months of 2023. According to the CBN’s latest data on “Money and Credit Statistics data, credit from CBN to the government stood at N28.43 trillion at the end of February 2023. In Read More

MPR: An unnecessary hike

March 28, 2023 Jerry Uwah 0

Several days after the Central Bank of Nigeria (CBN) ordered banks and the general public to obey the Supreme Court judgment extending the legal tender status of N500 and N1,000 notes, Nigeria’s cash flow crisis has refused to go away. Thousands of electronic banking transfers and point of sales (PoS) transactions remain unconsummated. Payers are debited while payees’ accounts are Read More

CBN assures on safety of Nigerian banks

March 21, 2023 Benjamin Umuteme 0

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has has said that various cases of failed transaction on e-payment of Deposit money Banks platform are being resolved. Emefiele, gave the assurance while brieinf journalists after the Monetary Policy Committee meeting Tuesday in Abuja. While admitting that isolated cases still persist, the CBN Governor said efforts are being Read More

Musings on new naira’s therapeutic powers

March 17, 2023 Nasir Dambatta 0

“Good management is the art of making problems so interesting and their solutions so constructive that everyone wants to get to work and deal with them” – Paul Hawken The announcement by the Central Bank of Nigeria (CBN) about its decision to redesign Nigeria’s currency, the Naira, startled the entire polity and precipitated a barrage of criticisms, a wide assortment Read More

Loan repayment under ABP stands at 52.39% – CBN

March 7, 2023 David Agba 0

The Central Bank of Nigeria (CBN) says it remains committed to its developmental mandate of stimulating access to finance for the real sector, disclosing that total repayments as of the end of February 2023 under the Anchor Borrowers’ Programme (ABP) stood at N0.503 trillion, representing 52.39 per cent, adding that the balance of N0.119 trillion was not due for repayment. Read More

Naira re-design pains: Addressing the human angle perspective

February 17, 2023 Admin III 0

There has been sorrow and tears for Nigerians who have found it difficult to access cash from their banks due to the Naira re-design policy of the Central Bank of Nigeria (CBN); BENJAMIN UMUTEME writes. The announcement by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, that Nigeria was going to redesign the N200, N500, and N1000 Read More

BDC operators go cashless as Naira scarcity bites hard

February 3, 2023 Segun Odunewu 0

The scarcity of the new and old naira notes is crippling activities of Bureau de Change operators in Lagos as the country approaches the February 10 deadline for the complete phasing out of the current N200, N500 and N1,000 banknotes. CBN governor, Godwin Emefiele, had assured the release of sufficient new banknotes with teams of enforcers to ensure that banks Read More

External reserve drops to $37.9bn

October 19, 2022 David Agba Abuja 0

Data from the Central Bank of Nigeria (CBN) shows that Nigeria’s external reserves dropped to $37.9 billion as of Wednesday, October 12, 2022, from $38.8 billion on September 12, 2022. The decline is due to CBN’s continuous intervention in the exchange rate market and dwindling export earnings. There has been an increase in the demand for foreign exchange for importing Read More

CBN lends N9.3trn under intervention funds portfolio, N5.3trn not due for repayment

September 30, 2022 Amaka Ifeakandu, Lagos 0

The Central Bank of Nigeria (CBN) has said that about N5.3 trillion out of N9.3 trillion lent out under its intervention funds portfolio is not yet due for repayment. The apex regulator also said for now it has closed gates for the intervention funds, adding that as at Tuesday N3.7 trillion has been repaid under intervention funds. Addressing financial journalists Read More

FBN Holdings gets regulator’s final approval to acquire Access Pension

September 23, 2022 Segun Odunewu, Lagos 0

The Central Bank of Nigeria (CBN) has granted to FBN Holdings’ subsidiary, First Pension Custodian Nigeria Limited (First Pension) the approval to acquire Access Pension Fund Custodian Limited. First Pension Custodian Nigeria Limited, a wholly-owned subsidiary of First Bank of Nigeria Holdings (FBN Holdings) acquired 100 per cent stake of First Pension from Access Bank, owned by Access Holdings. Recall Read More

Introduction of RT200 scheme boosts non-oil export proceeds repatriation

September 18, 2022 Amaka Ifeakandu, Lagos 0

The Central Bank of Nigeria (CBN) has said that its RT200 policy has started yielding positive results as more commodities is now included in the country’s export ledger boosting the potential of raising up to $200 billion in foreign exchange earnings from non-oil proceeds. Disclosing this in Lagos over the weekend at the Finance Correspondent Association of Nigeria (FICAN) workshop, Read More

Encomiums as top banker, Adeyemi Odusanya bids father farewell

July 4, 2022 Bode Olagoke 0

Encomiums poured in as eminent personalities from all walks of life converged in Ijebu Ode, Ogun State to bid farewell to Pa. Zacheus Olorunsola Odusanya, a.k.a Baba Kekere, the father of Mr. Adeyemi Odusanya, quintessential banker and executive director, South & Corporate of Keystone Bank Limited. Pa Odusanya journeyed to the great beyond on Thursday, April 28, 2022 at the Read More

How $1.5bn milk import bill discredits ban

June 27, 2022 Jerry Uwah 0

The Central Bank of Nigeria (CBN) slipped dairy products into its long, winding list of items that could no longer be imported with foreign exchange (forex) from its official window. The policy was designed to encourage local production as the price of imported milk surges with unbridled depreciation of the naira. It was equally designed to conserve the nation’s dwindling Read More

Women get N203.3bn credit from CBN intervention programmes

March 21, 2022 Blessing Anaro 0

The Central Bank of Nigeria (CBN) has remained gender sensitive, dolling out N203.31 billion credit as at January 2022, Godwin Emefiele, the apex bank governor has said. Emefiele made this disclosure while addressing participants at a webinar hosted by the Deputy Governor in charge of the Financial System Stability (FSS) Directorate, Mrs. Aishah Ahmad, as part of activities to commemorate Read More

Police arrest notorious ATM fraudster in Delta

November 9, 2021 Amaechi Okwara 0

Delta State Command Tuesday arrested notorious Automated Teller Mechine (ATM) fraudster,  one  Ojo Amos  at Ozoro, Isoko north local government area of the state. The suspect,  38yrs who  hails from Agbara-Otor, Ughelli North Local government area specialised in snatching ATM cards from unsuspecting victims.  According to the state Public relations officer (PPRO), DSP Bright Edafe, “On 2/11/2021 at about 1300hrs, Read More

Breaking: Oyo rep defects to APC

November 9, 2021 Bode Olagoke 0

The All Progressives Congress caucus of the House of Representatives has gained another member. He is Rep. Jacob Ajao Adejumo from Oyo State. Until his defection to the majority party, he was a member of the Action Democratic Party (ADP. The Speaker, Rep. Femi Gbajabiamila, has, however read his defection letter to members on the floor in Abuja on Tuesday Read More

2023: Prevail on Tinubu to back Osinbajo, group lobbies govs, Obas, others

November 6, 2021 Bode Olagoke 0

Governors, traditional rulers, business and political elites in the Yorubaland must carefully weigh various options and seriously consider backing Vice President Yemi Osinbajo in 2023, an All Progressives Congress youth group has advocated. According to members of the South West Movement for Osinbajo (SOWEMOVE) who presented a report and copies of correspondence with several Obas and other eminent personalities in Read More

Group berates Tinubu’s silence over invasion of Justice Odili’s residence

November 6, 2021 Bode Olagoke 0

A political pressure group known as the South-west Frontiers has condemned the prolonged silence of the former Lagos state governor and leader of the All Progressives Congress (APC) Asiwaju Bola Tinubu on the invasion of the residence of a Supreme Court judge, Justice Mary Odili by armed security operatives. The group similarly faulted the APC leader’s inaction about the recent Read More

Breaking: Few hours to Anambra election, IGP pulls out DIG Egbunike as head of security team

November 5, 2021 Admin III 0

Barely 24 hours to the Saturday Anambra State governorship election, the Inspector General of Police has removed the Deputy Inspector General, DIG Joseph Egbunike, as the head of security team for the Anambra governorship election slated for Saturday November 6, 2021.  His removal was announced by the Police Public Relations Officer DSP Nkeiruka Nwude with few hours to the election.  He been Read More